Market and Index Review- MARKET TODAY-RSL Securities Limited

Karachi, November 05, 2013 (PPI-OT): On Monday the first day of the week market showed a bearish and declining trend.

According to RSL Securities Limited market breached the levels of 22,300 and 22,200 points too and made its lowest at 22,199.72 points. However in the end of the session market managed to minimize some of its decline and finally closed at the level of 22,377.83 points about a decline of 271.26 points. Volumes were 91 million shares.

Today market looks to have a positive and upward side direction. The resistance is near the level of 22,550 points and support near the level of 22,250 points.

Daily News Summary
Federal Minister for Finance Ishaq Dar said that the international community has once again started looking towards Pakistan as a destination for foreign direct investment. During a call-on meeting with President Mamnoon Hussain, the finance minister informed him that the economic measures taken by the present government have been appreciated by the international community.

The Finance Minister Senator Ishaq Dar held meetings separately with the Federal Board of Revenue (FBR) Chairman Tariq Bajwa, State Bank of Pakistan (SBP) Governor Yasin Anwar and senior officials of the Ministry of Finance to review the progress at the Finance Ministry on Sunday. The FBR chairman informed the finance minister that there was no let up in the efforts of the FBR for achieving the revenue target of Rs 2,475 billion set by the government.

Mango Growers Association President Major (r) Tariq Khan has said more than 8,000 tonne mango was exported to Europe and other western countries this year through the platform of mango growers association. Addressing the annual general body meeting of mango growers association on Monday, he said the export of mango could be made double in the next season by starting cargo flight operation from Multan International Airport.

The Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to promulgate a balanced rent control act in the federal capital through an ordinance. They said that the absence of such a law in Islamabad is creating problems for tenants including traders and giving rise to rent disputes Addressing a meeting of traders, ICCI Senior Vice President Khalid Chaudhry said that ICCI has since long been demanding for the promulgation of a new rent law in Islamabad to facilitate the tenants and landlords.

The Indus Motor Company (IMC) has sought 5.0 percent reduction in import duty for Completely Build Units (CBUs) and Completely Knocked down (CKD) units in new auto policy, it was learnt on Monday. IMC held its analyst briefing recently, where the company officials commenting on the expected new auto policy informed analysts that IMC hopes that the new policy is likely to be in place before the year ends.